World Bank Sets Record for €3B 10-Year SD Bond

WASHINGTON, D.C., July 16, 2025 - The World Bank (International Bank for Reconstruction and Development, IBRD, Aaa/AAA) today priced a 10-year EUR benchmark maturing in July 2035. The Sustainable Development Bond raised EUR 3 billion from investors globally to support the financing of the World Bank's sustainable development activities in member countries.

The bond priced with a final spread to euro of mid-swaps +38 basis points and an equivalent annual yield of 3.037%. This equates to a spread versus the reference Bund of +34.4 basis points. Barclays, Goldman Sachs, LBBW, and Morgan Stanley are joint lead managers for the transaction. The bond will be listed on the Luxembourg Stock Exchange.

"This EUR 3 billion benchmark bond caps off a tremendous start to our new fiscal year with transactions across four markets allowing IBRD to mobilize over USD 8 billion in support of the World Bank's mission. Investor support is crucial, and our first EUR benchmark of the fiscal year saw the largest order book for a EUR-denominated IBRD benchmark bond and benefitted from exceptional demand from investors seeking high quality, liquid investments to finance sustainable development," said Jorge Familiar, Vice President and Treasurer, World Bank.

Investor Breakdown by Type

Lead Manager Quotes

"Congratulations to the World Bank on the first EUR benchmark of its 2025/26 fiscal year. This new issue not only achieved IBRD's largest-ever EUR orderbook, exceeding EUR 11 billion, but also matched its largest EUR transaction size, raising EUR 3 billion. These milestones reaffirm IBRD's robust credit quality and its leadership in the SSA sector. With participation from over 165 investors, the transaction clearly demonstrates the global investor community's support for IBRD's critical mission of advancing sustainable development. Barclays is proud to have partnered with the World Bank on this transaction," said Alex Paterson, Head of SSA DCM, Barclays.

"Congratulations to the World Bank who very successfully issued a new EUR 3 billion 10-year benchmark and continue to demonstrate their strategic prowess in the EUR market. This issuance garnered the World Bank's largest EUR orderbook of over EUR 11 billion, showcasing the robust support and high-quality demand from its diverse investor base across international markets. Goldman Sachs is thrilled to have been a part of the World Bank's first EUR transaction in their new fiscal year, aiding them in their global mission to finance sustainable development," said Dorothee Amar, Managing Director, Co-Head of SSA, Goldman Sachs International.

"Heartfelt congratulations to the World Bank team for this outstanding 10-year Sustainable Development Bond. Returning to the EUR market in size of EUR 3 billion with minimal new issue concession contributes to the issuer's lightning start to their new fiscal year. With investor demand exceeding EUR 11 billion, IBRD once again demonstrated its global appeal, immaculate timing, and highly relevant development mandate in an uncertain world," said Patrick Seifert, Global Head of Corporates & DCM, LBBW.

"Huge congratulations to the World Bank for the first EUR benchmark of the 2025/26 funding year! The orderbook composition highlights, once again, the global support IBRD has developed across currencies, but particularly in EUR. Morgan Stanley was proud to have supported today's issuance," said Robert Matthews, Executive Director SSA DCM, Morgan Stanley

Transaction Summary

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